Crypto News Updates

Bloomberg Ironically Makes the Best Case For Crypto by Condemning the Fed

Bloomberg may have just made the best possible case for crypto. In an opinion piece for the mainstream news outlet, the writer points out that, “by throwing trillions of dollars at the coronavirus problem, governments risk undermining trust in currencies.”
Doing ‘Whatever It Takes’ May be Good for Crypto
As the Bloomberg piece points out, governments pledging to do “whatever it takes” is “going to cost a lot of money.” This is extremely concerning as it highlights how meaningless money is and it starts people thinking. After all, if the Federal Reserve can simply create trillions of dollars out of thin air; why can’t they just print money to pay for other things, like taxes, and healthcare, and, maybe a wall at the border.
Since before the 2008/9 crisis, Bloomberg found that 12 major economies including China, the U.S., the eurozone, and Japan had already “more than doubled” to an astounding $80tn. They point out:
These numbers are so large that they no longer have any meaning; they are simply abstractions. It’s been some time since people thought about the concept of money and its purpose.
Here comes the clincher and sounds a lot like something Warren Buffet would say about crypto:
The dollar has no real intrinsic value, backed only by the full faith and credit of the U.S. government.
Will There Be Hyperinflation in Major Economies?
There is no easy answer to that since we are still currently riding into the crisis. No one is quite sure how things will pan out, although, the outlook is not exactly rosy.
It’s hard to imagine a superpower like the USA experiencing hyperinflation like Venezuela or Argentina. However, that kind of sobering scenario isn’t entirely off the cards. After all, too many dollars in circulation will only diminish their purchasing power.
Bitcoinist spoke to the lead economist on The Marshall Islands crypto project SOV, and former Secretary-General of the BIS, Peter Dittus. He authored a book in 2017 entitled Revolution Required: The Ticking Time Bombs of the G7 Model in which he highlighted the irresponsibility of key monetary polices. When asked how he felt about the current situation and massive stimulus packages being thrown at the problem, he said:
I think the current situation basically has pricked the bubble, it could have been something else but now the governments are following up with more. I think in the current situation there’s not really much of a choice. However, the interesting thing will be to see how we come out of the crisis. 
He goes on to explain that after the last crisis, there was also a huge increase in money supply which was then fed into asset prices and other areas.
They didn’t withdraw the stimulus, there was always more and now there’s a huge amount more and the question is what happens at the end of that crisis? Are they going to withdraw it or are we going to see something like defaults on a large scale, or will there be significant inflation… Something is going to happen if we are not careful about when we come out of the crisis, but it’s early days.
As Bloomberg points out making its best case for crypto yet:
The three main functions of a currency are as a unit of account, a medium of exchange and a store of value.
Excessive money printing of the USD has flung front and center the fact that it is fast losing its ability to act as the third. Now is the time for crypto to come into its own with no Federal Resevee or central bank debasing its value for holders from one day to the next.
Source: Bitcoinist News

Crypto News Updates

5 Key Fundamental Factors Suggest Bitcoin is Gearing Towards a Monumental Recovery

The wider economic outlook is extremely uncertain right now. But even as unemployment rises and fiat continues to debase, there are plenty of reasons to be bullish on Bitcoin. Let’s take a look at the top five today.
1. Bitcoin Price to 10x 1-2 Years After Halving
Despite some uncertainty surrounding the upcoming Bitcoin Halving and whether the lower-than-expected Bitcoin price may result in miner capitulation leaving the network vulnerable, investor and analyst PlanB is still confident.
He believes that it will play out in the same way as Bitcoin’s two previous halvings. Not only will it teach us more about the “underlying fundamentals” this time but it will also 10x in price within two years.
As per S2F model I expect 10x price (order of magnitude, not precise) 1-2 yrs after the halving.

  1. No One Can Freeze Your BTC
    This is a fundamental concept that you probably already have pretty clear by now. But in times of global economic uncertainty where banks impose withdrawal limits and can even freeze your account, it pays to remember that no one can freeze your bitcoin (if it’s stored in your own wallet of course).
    In fact, no central actor can interfere in the transactions you decide to make either. As BTC advocate JP tweeted today, his bank account was frozen because they didn’t like what he’d been buying: Bitcoin. As he pointed out ironically:
    Which was a good reminder of why I was buying Bitcoin in the first place

  2. Bitcoin Is a Choice – It’s Not Forced Upon You Like Fiat
    Investor and Bitcoiner Stephen Cole reminded us yesterday that Bitcoin is about more than transferring value without intermediaries or an efficient way to store your savings. It’s actually a conscious choice to opt-out of the existing system:
    It’s my vote, my protest, and the only meaningful way I see of fighting a broken, corrupt destructive system.

  3. BTC Is Free From Central Actors
    As the Federal Reserve continues to print money to bail out large corporations and central banks around the world respond, fiat will ultimately see a great devaluation leading to steep inflation.
    Many people still don’t realize that expanding the money supply by 20% actually means they’re being taxed by 20% as prices go up.
    In these times, it pays to remember that no one can interfere with Bitcoin and debase everyone’s holdings from one day to the next. How many bitcoin were printed for corporate bailouts? Zero. Exactly.

  4. BTC Remains Uncorrelated from the Stock Market
    Despite recent similarities in movements in both the crypto markets and stocks, crypto trader advisor and consultant, Scott Melker still argues that they are not correlated assets.
    The economic chaos that will be left from the response to the pandemic will ultimately see BTC and stocks part ways once more–for the long term.

So keep in mind that, as bad as the world seems right now, there are plenty of reasons to be bullish on Bitcoin–and these are just five.
Source: Bitcoinist News

Crypto News Updates

5 Years Ago Bitcoin Was Worth This Much. It is Now Up 3,300% Since

Are you ready for your daily dose of random facts and hopium? Good, because here it comes. Five years ago, one Bitcoin was worth just $200. Now it’s around $6,800. That’s a staggering 3,300% increase despite the current economic turmoil.
You Could Buy 1 Bitcoin with $200 in 2015
Okay, okay. So, this is a little like one of those Facebook posts from an unwaveringly optimistic friend trying to cut through the doom and gloom of life under lockdown. Except, we won’t make you post this on your wall or share with all your friends. Still, it’s an interesting thought to ponder–and should certainly lift your spirits–especially if you were among some of Bitcoin’s earlier adopters.
Bitcoin price trend in the past 5 years (Source: Tradingview)
After all, even through wild bull markets and savage bear ones since 2015, it pays to remember just how far Satoshi’s vision (the real one) has come.
Taking to Twitter yesterday, full-time trader and analyst Michael Van de Poppe pointed this fact out to his following. He also said that in five years from now (i.e. in 2025) it “will be higher” and also be:
playing a more significant role in our monetary system

Five years ago 1 $BTC was worth $200.
Now it is $6,800.
And in five years from now it will be higher + playing a more significant role in our monetary system.
— Crypto Michaël (@CryptoMichNL) April 15, 2020

Of course, just about everything in life comes down to perspective. One of his followers was quick to point out that, two and a half years ago, Bitcoin was worth $19,000. He’s still waiting to recoup his losses having entered right at the wrong time.
Knowing how cheap Bitcoin was in 2015 is little more than a fun (or annoying) fact for those who bought in higher. However, for those long term hodlers nervously eyeing bitcoin’s price before the halving, it should give them some perspective.
How Much Will BTC Be Worth in 2025?
If we could answer that for you we could probably give up our day jobs. No one has a crystal ball. However, a lot of traders and Bitcoin advocates have given their best shot at predictions from Mike Novogratz to Max Keiser.
In fact, before the global pandemic took hold in earnest, Bitcoinist observed that even though Bitcoin reached a much higher price after its second halving, it still represented a 72% decrease from the first halving.
Factoring those numbers in with a $9K Bitcoin before the halving, Bitcoin could worth as much as $71,730 in about 12 to 18 months from May 2020. However, at today’s prices that number is significantly lower. Moreover, that prediction only takes us to mid-2021.
So, let’s imagine that after the pandemic is over and more and more people ask how governments can print money at will and why prices of basic good are higher, they turn to Bitcoin.
Let’s say that Bitcoin sees the same percentage gains over the next five years as it did in the last. With one Bitcoin at $6,800, that means we could see it worth as much as $231,200 by 2025…
It could also go to zero. But the first outcome is certainly more to our liking.
Source: Bitcoinist News

Crypto News Updates

Crypto Market Faces its Biggest Risk Yet as Central Banks Make a Surprising Move

Central banks are concerned about the widespread adoption of stablecoins threatening the global financial system. As they make recommendations to heavily regulate or even ban them, the Crypto market now faces its biggest threat yet.
Financial Stability Board (FSB) Recommendations Brutal for Digital Assets
In a document published yesterday, the Financial Stability Board (FSB) outlined its concerns about stablecoins in the global financial market. Since stablecoins “enhance the efficiency of the provision of financial services,” that’s a problem for the status quo.
Widespread adoption, they believe, would give rise to an independent financial system out of their control. It could even replace fiat currencies and “exacerbate bank runs.”
The fears of the risks stablecoins used by the crypto market pose to financial stability have long been backed by countries like China and France. The French AMF last week recommended that the EU create specific regulations for stablecoins stating that they posed “systemic risks” to the Union.åç
Among the FSH guidelines are many recommendations that fall short of an outright ban. These include urging local central banks to comprehensively regulate, supervise, and control stablecoins. They also suggest that governance frameworks are put in place to identify accountability and ensure that all stablecoins provide transparent information.
The recommendations do, however, go as far as to say that local authorities should ban stablecoins completely if needed, including those that run on fully decentralized systems, like crypto networks such as Ethereum.
Crypto Market Could Suffer Greatly From Stablecoin Ban
A ban on stablecoins could be potentially very scary, indeed. To start with, it would practically wipe out the entire DeFi movement and projects like MakerDAO and Compound. Worse still, it could cause an overreaching liquidity crisis across the market.
Just consider stablecoins like Tether (USDT) and TrueUSD (TUSD) that are both backed by the US dollar. For many users around the world, stablecoins are crucial in trading crypto assets like bitcoin.
Let’s take powerhouse Binance as the best example. Currently, it is number one in terms of trading volume. Yet Binance only uses stablecoins like Tether, Binance USD, and Paxos Dollar. As Bitcoinist reported yesterday, there is $1bn of USDT sitting on Binance right now.
This is a positive sign for crypto as it suggests that traders are steadily sending their stablecoins to the exchange in order to scoop up crypto assets. It appears that many investors are waiting for the right time to convert their holdings to BTC and potentially sparking a new rally. Yet all that could be halted if the FSB recommendations are adopted. 
In practice, they may not result in an actual ban. However, they could subject cryptocurrency exchanges and service providers to the same scrutinous regulations as banks and other FSIs. This could push many projects and companies out of business.
And an outright ban that sees behemoth stablecoins like Tether leave the market could also see a mass exodus of traders and a liquidity crisis like nothing the crypto market has previously faced.
Source: Bitcoinist News

Crypto News Updates

This Nobel-Winning Economist Predicted Bitcoin’s Formidable Rise in 1991

Almost 30 years ago, Nobel Prize-winning American economist Milton Friedman said he would like to have money controlled by a computer. He also said it would be a better world without the Federal Reserve. One of his two desires is already happening in the form of Bitcoin. In fact, he seems to have predicted its formidable rise in 1991. And with the FED’s incessant money printing causing growing criticism–is it a question of time before the other one comes true as well?
Milton Friedman Would Have Been All-in on Bitcoin
It’s almost eerie watching this short clip in which Friedman appears to talk about Bitcoin, an invention that would come some 18 years later.

"I would like to have money controlled by a computer" – Milton Friedman 1991
— Bitcoin (@Bitcoin) April 13, 2020

As the main advocate opposing the Keynesian government policies in place today, Friedman promoted a macroeconomic viewpoint known as “monetarism.” Rather than the FED stepping in and printing money as they see fit, he argued that there should be a slow and steady expansion of money supply.

The Fed can print endless money, but the rest of the world cannot.
— The Wolf Of All Streets (@scottmelker) April 14, 2020

With the historic bailouts and QE that we see going on today in response to the coronavirus pandemic, Friedman would probably be turning in his grave. He expressed his desire back in 1991 to have money controlled by a computer that could not interfere and adjust the policy at will.
The video clip was posted on the Bitcoin Twitter channel and naturally garnered scores of likes, retweets, and applause. Some of the comments said:

He would prolly be all in with Bitcoin if he was still alive

And others stated:
We’ll make it happen, Milton
Digital Money Was Already Being Talked About at the Time
Of course, with Bitcoin being the most successful experiment of tamper-proof decentralized money running across computers (nodes), it’s easy to forget that there were precursors to Bitcoin.
David Chaum released DigiCash in 1989 which made use of cryptography for private payments and introduced the concept of public and private keys. The project garnered support from libertarians and small groups in favor of a digital currency that could be transferred internationally free from government control.
While DigiCash and other projects pre-Bitcoin failed to gain traction, Friedman was no stranger to the fact that there was a need for electronic money. He believed that it would happen in the future. In fact, in that same year, he said:
One thing we are still lacking and will soon develop is reliable e-cash — a method by which money can be transferred from A to B on the Internet without A knowing B and vice versa
With Bitcoin proposing a viable alternative to fiat and entirely free from central actors; will Friedman’s second desire come true as well? Will the FED be removed completely? It’s going to be interesting to how things unfold
Source: Bitcoinist News

Crypto News Updates

Macro Factors Signal That Crypto Bottom Is Not Yet In

Over the past few weeks, both the S&P 500 and the crypto markets have been showing signs of recovery. Yet, with the worst of the COVID-19 crisis still to come and a deepening global recession, macro factors show that the bottom may not yet be in.
Crypto Bottom Could Still Be to Come
The cryptocurrency markets have been battered by the coronavirus pandemic as economies around the world shutter to a halt taking investor confidence with them. Many argue that this is the “perfect storm” for Bitcoin. The number-one crypto has often proved itself as a viable option in terms of global unrest. Crypto markets tend to pump upon global geopolitical factors such as trade wars or tensions in the Middle East.
But this time around, the fall-out from the pandemic is going to be epic on a global scale. The IMF foresees the worst recession since the Great Depression. Countries in Europe are preparing to brace for the worst crisis since the wartime years. And the U.S. has already lost 25 million jobs in four weeks:
A decade of job gains undone in just four weeks

Added to that, Bitcoin’s correlation to the stock market has hit an all-time high. This cancels out (temporarily at least) the idea that it has reached safe-haven asset status just yet.
It’s also not a good thing for crypto if this correlation continues since many analysts predict that the stock market bottom is nowhere near in yet–and investors should brace for massive hits. As and when this happens, it won’t be bullish for crypto, in the short-term at least as investors seek liquidity.
CME Gap Could Trigger Correction
In addition to the global macro factors looking gloomy for all markets, Bitcoinist reported yesterday:
The Bitcoin price has a CME gap at $3,500, and given the historical tendency of BTC to close it, there exists a possibility that the dominant cryptocurrency may retest the $3,000 region.
A CME gap alone is not enough to trigger a price correction. But with the outlook so grim in the near-term as more lives and jobs are lost globally, the crypto bottom may not be in just yet.
Source: Bitcoinist News

Crypto News Updates

Bitcoin Still the Best Performing Asset of the Past Year, Despite Chilling Crash

Despite the brutal selloff that left no markets unscathed, Bitcoin remains the best performing asset over the past year-except for gold, that narrowly outshines it today. 
Bitcoin Outperformed S&P By a Landslide
March 11, 2020, was a dark day for the world. That was the day the World Health Organization (that had previously dragged its heels) finally declared the coronavirus a pandemic. And that sent shockwaves through the markets.
WHO declares COVID-19 a pandemic
Asset classes around the world began to fold like a deck of cards. It turned out that nothing was safe for the mammoth selloff, not even traditional safe havens like gold. While Bitcoin showed some initial resistance, it wasn’t to be spared either, shedding around half of its value from the previous month.
While this interfered with the safe-haven narrative that many had been touting for Bitcoin, others were not surprised. Quoted in LongHash, Coin Metrics co-founder Nic Carter, commented:
In a rush to liquidity, investors sell off assets with short maturity for long-maturity assets, to cover margin calls or mortgage payments, etc. Bitcoin tends to be among the least encumbered liquid assets and it’s often not held in a tax advantaged way, so it makes sense that it would be first on the chopping block for many investors under stress.
Still, over the past 12 months, Bitcoin is up 31.50% while the S&P is down by -5.01%, despite the mammoth $2TN stimulus package.
Oil Spilled 65% of Value
If we thought the S&P had had it hard, the oil markets have been in turmoil over the last year particularly due to the COVID crisis and an ongoing price war between Russia and Saudi Arabia.
Despite coming to a temporary agreement, oil prices are still down today by 8.29%–and a whopping -65.41% from 12 months ago.
Gold the Biggest Gainer
Despite a research paper by Delphi Digital citing Bitcoin as the best-performing asset of the last 12 months, gold today is the largest gainer up 38.24% since this time last year. 
This is unsurprising as investors have traditionally flocked to gold in times of uncertainty. Moreover, there has been a squeeze on its supply as refineries have been forced to shut due to COVID-19.
If we look at the monthly gains, however, Bitcoin has outpaced gold showing a massive recovery since the brutal selloff. Bitcoin is up 24.90% from one month ago, whereas gold registers 15.69%.
With many bullish on Bitcoin ahead of its halving as a hard asset, billionaire investors like Mike Novogratz have said that now, more than ever, is the year for Bitcoin to prove its worth.
As the world’s central banks print more money and inflation will surely follow, he believes that Bitcoin will double by the end of the year and maybe even reach a new all-time high.
This opinion is also maintained by BitMEX CEO Arthur Hayes who believes the price may tumble more amid uncertainty but will end 2020 around $20K.
Source: Bitcoinist News

Crypto News Updates

U.S. Crypto Miners See Abrupt Blow Ahead of Halving For This Key Reason

There were times when crypto mining was profitable even to the smallest hobbyist miner. But with the languishing prices and high costs of equipment and energy, those days are very distant. Now, U.S. miners face yet another blow before the halving as a higher rate for cryptocurrency mining facilities in Washington state is upheld.
Crypto Miners in Washington State Pay ‘Evolving Industries’ Rates
The problem dates back to 2017. The district of Grant County, Washington claimed that during the summer of that year there was a huge influx of power requests from crypto miners attracted to the district’s cheap energy rates. According to Law360:
The district alleged that requests from cryptocurrency miners in 2017 totaled 1,500 megawatts of new load, more than twice the district’s average load of 600 MW.
To assess how to cope with these surges in demand while reliably servicing existing customers, the district established a new customer class called the “evolving industries” class.
Industries fall into this category if they show high signs of risk regarding regulatory changes, business operations sustainability, and their reliance on large amounts of power over sporadic intervals:
Evaluation would begin to occur when industry concentration of existing and service request queue customer loads exceeds 5% of the district’s total load.
Grant County upheld that when it came to crypto miners, the risk was high on all fronts. The sudden surges in demand force the district to incur costs related to increased infrastructure or contracts with other power companies since it must purchase additional energy to satisfy the load.
However, if that demand suddenly dwindles, the district is forced to continue purchasing the additional units without the customers to serve.
Thus, to the extent that the district’s sale of this surplus results in a loss, such losses would be borne by remaining customers on the system. 
This led to the increased rate established for crypto miners under the “evolving industries” classification.
Complaint by Miners Dismissed by Federal Court
On Dec. 19, 2018, the plaintiffs (cryptocurrency-mining entities in Grant County) filed a complaint that challenged the rate under federal and Washington state law. They stated that the district had inflated the 2017 numbers and had not adequately provided a realistic estimate of the demand in power from them.  
The crypto miners alleged some nine causes of action, claiming, among other things, that the district had violated the commerce clause of the U.S. Constitution through the creation of this “discriminatory” rate schedule.
Alas for crypto miners, the higher rate will remain. On April 10, A Washington state federal court addressed the crypto miners’ claims. It refuted most of the claims the plaintiffs had put forward and also stated that rate-setting is a legislative act and not a judicial act, effectively throwing it out of court. Moreover:
The district’s commission has broad discretion to set rates, and the plaintiffs had not demonstrated that they have a legitimate claim of entitlement to a fair and nondiscriminatory rate under Washington law.
U.S. Miners May Struggle in Competitive Space
Just two days after the Bitcoin Cash halving, mining it was no longer profitable as miners capitulated to mine Bitcoin instead:
Bitcoin Cash hashrate capitulation (Source: Mati Greenspan)
With a month to go before the Bitcoin Halving, many mining facilities may be squeezed out of the game at least temporarily. Those with modern hardware rigs and access to cheap power will survive.
U.S. miners competing against their Chinese counterparts will find the high energy rate an additional blow. As blockchain technology in the energy sector looks set to grow, this triumph by the Washington district in court may set a precedent for other states in the U.S., making crypto mining even harder for companies in this country.
Source: Bitcoinist News

Crypto News Updates

BitMEX CEO: ‘All in, Motherf*ckers’ on Bitcoin and Gold

Bitmex bitcoin

BitMEX founder Arthur Hayes put out a thought-provoking piece on the company blog today. He talks about the effect of the COVID-19 crisis on the global economy and states that nothing will ever be the same again. “The USD fiction is over. It’s time for a new mental crutch.” He’s opting for Bitcoin and gold–what will your fiction be?

Arthur Hayes Paints a Grim Picture of the Post COVID World
As charismatic as ever, this piece by Mr. Hayes is definitely worth a read. It’s a sort of summary of The Bitcoin Standard with more colorful language thrown in. It also contains some grim predictions of the world post-COVID-19. Hint: It’s not going to be pretty.
Hayes predicts a total collapse of the USD. He says that the U.S. is the only country that can depreciate its currency to the degree necessary to continue to generate economic activity, “at a level which honours the credit in the system and promises to their plebes.”
He then talks about the well-known problem of printing too much money… rampant inflation:
Remember that all raw commodities are priced in dollars, if you print too much money to monetise your government debt, your currency craters and inflation runs rampant. At that point, the Jacobins enter the street and you better not be munching on a cake.
Hayes says that this is how he sees the world over the next 10 years. A pretty dismal picture:
I have no idea on timing, but the strong USD will break the back of the global economy and force a reset. The question is what the new system will look like.
‘All in, Motherf*ckers’ on Bitcoin and Gold
All the global chaos and financial meltdown will eventually swing the pendulum to Bitcoin. He says that the setup for Bitcoin, “the hardest form of digital money, could not be better.” However, he doesn’t know when exactly the wider public will move toward it.
In fact, he doesn’t discard the fact that BTC could test $3K again in the near future:
Could the price retest $3,000? Absolutely. As the SPX rolls over and tests 2,000 expect all asset classes to puke again. As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien régime.
However, despite that sobering scenario, Hayes still stands behind his previous call of an end of year Bitcoin price of $20K. So, that’s something to be hopeful for even if the world around you will crumble beneath your feet.
Hayes ends by stating there are only two things to own during the transition to the new monetary system after the total collapse of fiat. They are Bitcoin and gold.
I will take my inflation adjusted pocket rockets (gold and bitcoin), and call your Bretton Woods seven two off suit. All in, mother fuckers.
Well said.
What do you make of Arthur Hayes latest blog post? Add your thoughts below!

Images via Shutterstock
Source: Bitcoinist News

Crypto News Updates

Bitcoin SV Roadmap Is Only Available to a Select Few

Bitcoin SV Roadmap Is Only Available to a Select Few

Just in case you wanted to catch a glimpse of Bitcoin SV’s roadmap, you’ll need to be part of the inner circle first. Head over to the page where it resides and you’re met with a message saying “protected” and prompting you to enter a password.

Bitcoin SV Roadmap Is Password Protected
The decision from the Bitcoin SV camp to password-protect their road map seems like a curious one. It was pointed out by Dragon Industries founder Arthur van Pelt:

The BSV Roadmap is only for people with a password now. 🤷‍♂️
— Arthur van Pelt – Dragon Industries (@MyLegacyKit) April 10, 2020

There is no way to sign up or create a password so it seems as if the roadmap is only available to a select few. That is, the centralized inner circle of Satoshi’s true vision for Bitcoin… or however that goes.
Van Pelt’s followers pointed out that the roadmap was most likely off-limits since BCV was:
Totally lost on the road to nowhere
— Bas Peters ⚡🍻🍿 (@Bas_02) April 10, 2020

While others suggested to:
Try 1,2,3,4,5
Password must be as secure as their network
Perhaps Craig Wright and his team are still figuring out the roadmap for supposedly decentralized BSV. But it certainly raises a few eyebrows about what’s going on over there.
With its first halving completed today, if BSV network follows the same path as BCH in the last two days, its hashrate will drop off a cliff as its miners capitulate to Bitcoin to make greater gains.
As pointed out by Benjamin Celermajer CMBI Manager at Coin Metrics, BCH hashrate is “falling through the roof”. It is down 73% in two days and Bitcoin SV will likely follow suit.

👀 $BCH hashrate falling through the roof. Down 73% in 2 days!!$BSV's turn now
— Benjamin Celermajer (@CelermajerB) April 10, 2020

Part of the problem for both BCH and BSV is that both chains use the same SHA-256 at Bitcoin. This means that miners can easily switch between coins without changing their hardware. Since Bitcoin’s halving is still one month away, miners will go where the profitability is.
This doesn’t only have a negative effect on price but makes both networks vulnerable to security risks. In fact, Bitcoinist reported earlier today that the cost of 51% attacking BCH was just over $9K per hour having fallen from $22K before its halving. The cost to stage an attack on the Bitcoin SV network is currently $9736.
Celermajer ends up by saying:
This could lead to massive market fear and capitulation for Bitcoin Cash and Bitcoin SV, potentially leading to their short term and longer term demise
Clearly, none of this is going to end up in the BSV roadmap. At least, we doubt it will but we won’t know since we can’t access it.
Why do you think Bitcoin SV have password protected their roadmap?

Images via Shutterstock, Twitter @CelermajerB @MyLegacyKit
Source: Bitcoinist News